SurveyMonkey confidentially files for IPO: Reuters

U.S. online survey company SurveyMonkey on Monday said it had confidentially registered for an initial public offering with the Securities and Exchange Commission, through its parent SVMK Inc. The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said. In May, sources told Reuters that SurveyMonkey had hired investment bank JPMorgan Chase & Co (JPM.N) to help lead preparations for an IPO. The San Mateo, California-based company, which has around 3 million daily users, was previously run by Dave Goldberg, the late husband of Facebook Inc (FB.O) Chief Operating Officer Sheryl Sandberg. SurveyMonkey’s main investors include Alphabet’s CapitalG and Tiger Global Management.

BJ’s Wholesale sees IPO at $15-$17/share: Reuters

BJ’s Wholesale Club Holdings Inc expects its initial public offering to be priced between $15 and $17 per share, giving the warehouse club operator a market capitalization of up to $2.15 billion. At the top end of that range, the offering of 37.5 million shares would raise $637.5 million. The company, which was taken private in 2011 for $2.8 billion, filed with regulators to go public for the second time last month. It owns 215 warehouse clubs, mainly on the U.S. east coast, and competes with Costco Wholesale Corp (COST.O) and Walmart Inc’s (WMT.N) Sam’s Club. Analysts had said that BJ’s debut in a competitive market was “sensible” as investors’ confidence in the retail sector had risen. The company will list on the New York Stock Exchange under the symbol “BJ”.

Oerlikon planning drive systems IPO to fund expansion: Reuters

OC Oerlikon (OERL.S) will sell shares of its drive systems business which makes transmissions for Lamborghini and Ferrari as it raises money to bolster its surfacing and textile machinery units, the Swiss technology group said on Friday. Oerlikon said the IPO, planned for the third quarter of 2018, would comprise 100 percent of shares in the new business to be called GrazianoFairfield, if the greenshoe is exercised in full. The drive systems segment is Oerlikon’s second-biggest after its surface solutions business. It includes Italian unit Graziano that makes components for sports cars and tractors and its U.S.-based Fairfield Manufacturing unit, which has operations in India and China and makes gears and custom drives for construction, mining equipment and oil and gas production. Operating margins from GrazianoFairfield have been slimmer than those in Oerlikon’s surface solutions business, prompting speculation for years that the unit was a disposal candidate.
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Finnish real estate firm Kojamo valued at $2.5 billion in IPO: Reuters

Finnish real estate company Kojamo Oyj on Thursday was valued at 2.1 billion euros ($2.5 billion) in its initial public offering ahead of its market debut on Friday. Kojamo, which had properties worth 4.9 billion euros as of end-March, announced its IPO last month, aiming to boost growth and broaden its ownership base. The IPO was oversubscribed and the price was set at 8.50 euros per share, compared with an initial range of 8.50-10.00 euros, the company said in a statement. Kojamo expects gross proceeds from the IPO of about 150 million euros. Kojamo’s largest owners, including pension funds Ilmarinen and Varma and Finnish trade unions, also sold shares in the IPO but remained as shareholders.

Australia’s Sirtex picks $1.4 billion Chinese bid over Varian offer: Reuters

Australia’s Sirtex Medical (SRX.AX) has picked the highest bidder in a takeover battle for the liver cancer specialist, going with a $1.4 billion Chinese offer that trumped U.S. company Varian Medical Systems (VAR.N). The eleventh-hour bid from a consortium led by CDH Investments was 20 percent higher than Variant’s and represents the latest move in a multibillion-dollar Australian healthcare shopping spree by Chinese investors. Sirtex Chairman John Eady said CDH’s “materially higher” offer of A$33.60 ($25.33) per share, made with its 49 percent partner China Grand Pharmaceutical and Healthcare Holdings (0512.HK), was “superior” and “in the best interests of shareholders”. The deal, which requires shareholder and regulatory approval, also buys CDH and China Grand a chance to market the Sirtex technology in China, which the World Health Organization says accounts for more than half the world’s incidences of liver cancer. “I think they
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China’s Lufax targets $2 billion in fresh funding amid IPO delay, say sources: Reuters

China’s Lufax aims to raise up to $2 billion in fresh funding, valuing one of the country’s largest online wealth management platforms at $40 billion, as it opts for private investment ahead of a delayed listing, said people familiar with the deal. Lufax, set up in 2011 by top insurer Ping An Insurance Group Co of China Ltd, is working with advisors to raise equity of at least $1 billion, said the people, who declined to be identified as fundraising plans are not public. They did not disclose potential investors or time frame. The firm, formally Shanghai Lujiazui International Financial Asset Exchange Co Ltd, seeks to fund growth while its initial public offering (IPO) is on hold due to changing regulation in online consumer lending, a core business, the people said. Lufax declined to comment. Lufax hired five banks to work on an IPO in Hong Kong to raise up
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China’s Lufax targets $2 billion in fresh funding amid IPO delay, say sources: Reuters

China’s Lufax aims to raise up to $2 billion in fresh funding, valuing one of the country’s largest online wealth management platforms at $40 billion, as it opts for private investment ahead of a delayed listing, said people familiar with the deal. Lufax, set up in 2011 by top insurer Ping An Insurance Group Co of China Ltd, is working with advisors to raise equity of at least $1 billion, said the people, who declined to be identified as fundraising plans are not public. They did not disclose potential investors or time frame. The firm, formally Shanghai Lujiazui International Financial Asset Exchange Co Ltd, seeks to fund growth while its initial public offering (IPO) is on hold due to changing regulation in online consumer lending, a core business, the people said. Lufax declined to comment. Lufax hired five banks to work on an IPO in Hong Kong to raise up
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Payments company Adyen evokes tech bubble as share price doubles on market debut: Reuters

Adyen, (ADYEN_w.AS), which processes payments for Netflix (NFLX.O), Facebook (FB.O) and eBay (EBAY.O), saw its value double to $17 billion in a market debut on Wednesday reminiscent of the 1999 tech bubble. After a highly sought initial public offering, shares in the Dutch company had been priced on Tuesday at 240 euros, the top of their indicated range, suggesting a market capitalization of 7.1 billion euros ($8.5 billion). After the first hour of trade on the Euronext exchange on Wednesday the share price hit 480.00 euros. It was up 82 percent at 436.70 euros by 1105 GMT. After several European IPOs were pulled in May, bankers say strong interest in Adyen may spill over into other upcoming deals, such as German online furniture retailer Home24, which was due to price on Wednesday. The soaring share price prompted debate over whether the
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Payments company Adyen evokes tech bubble as share price doubles on market debut: Reuters

Adyen, (ADYEN_w.AS), which processes payments for Netflix (NFLX.O), Facebook (FB.O) and eBay (EBAY.O), saw its value double to $17 billion in a market debut on Wednesday reminiscent of the 1999 tech bubble. After a highly sought initial public offering, shares in the Dutch company had been priced on Tuesday at 240 euros, the top of their indicated range, suggesting a market capitalization of 7.1 billion euros ($8.5 billion). After the first hour of trade on the Euronext exchange on Wednesday the share price hit 480.00 euros. It was up 82 percent at 436.70 euros by 1105 GMT. After several European IPOs were pulled in May, bankers say strong interest in Adyen may spill over into other upcoming deals, such as German online furniture retailer Home24, which was due to price on Wednesday. The soaring share price prompted debate over whether the offer
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Toyota pumps $1 billion in Grab in auto industry’s biggest ride-hailing bet: Reuters

Toyota Motor Corp has agreed to buy a $1 billion stake in Southeast Asia’s Grab in the biggest investment by a carmaker into a ride-hailing firm, at a time when traditional automakers are racing to team up with disruptive tech companies. The value of six-year-old Grab will be just over $10 billion after the investment, said a person familiar with the matter. The deal comes as the auto industry faces a spike in the need for technological prowess with the advent of features such as autonomous driving, while app makers offer passengers the option to forgo car purchases by connecting them with drivers. Some automakers have responded by partnering with makers of ride-hailing apps which dominate the fast-growing field of mobility services, in anticipation of a future of reduced car ownership. General Motors Co has invested in U.S. ride services firm Lyft, whose rival Uber Technologies Inc [UBER.UL]
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Abu Dhabi’s Mubadala to launch $400 million European tech fund: Reuters

Abu Dhabi’s Mubadala Investment Company said on Wednesday it plans to launch a $400 million fund to invest in leading European technology companies. The state-owned firm is looking to set up a technology hub in Abu Dhabi, capital of the United Arab Emirates next year, aiming to attract leading tech companies. It set up a venture capital arm, Mubadala Ventures in late 2017 to oversee and manage the $15 billion commitment to the SoftBank Vision Fund.[ID;nL8N1S81OJ] Japan’s Softbank Group will participate in the fund as a strategic investor via its subsidiary, SIMI US Holdings I, Inc, a statement from Mubadala said. The fund will be managed by Mubadala’s venture capital arm, Mubadala Ventures, and will target founder-led, high-growth tech companies. Through the European fund of funds and direct fund strategy, Mubadala will also help European tech companies to set up operations in Abu Dhabi to target the Gulf and
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BC Partners buys Italy’s Forno d’Asolo in deal valuing group at 300 mln euros, says source: Reuters

Private equity firm BC Partners has bought Italy’s Forno d’Asolo in a deal that implies an enterprise value for the pastry company of around 300 million euros ($353 million), one source close to the transaction said on Tuesday. BC Partners said in a statement earlier on Tuesday it had acquired the food group from 21 Partners, the investment fund of Italian entrepreneur Alessandro Benetton. Forno d’Asolo, which makes frozen pastry and bakery products, is expected to report core profits of 25 million euros for this year. Rothschild and Mediobanca acted as financial advisers for 21 Partners, while Intesa Sanpaolo assisted BC Partners in the acquisition.

Fuel cell start-up Bloom Energy files for IPO: Reuters

Start-up Bloom Energy Corp, which makes fuel cell boxes that can power an entire building, filed for an initial public offering with the U.S. Securities and Exchange Commission late on Tuesday. The Sunnyvale, California-based company has applied to list its Class A common stock on the New York Stock Exchange under the symbol “BE.” (bit.ly/2l4LwzL) The regulatory filing showed the company intends to raise up to $100 million in the IPO, though the amount in the first filing is usually a placeholder. Bloom boxes, Bloom Energy’s solid oxide fuel cell (SOFC) power generator, provides 100 kilowatts of electricity – enough to power 100 average U.S. homes. The U.S. Congress in December extended tax credits to fuel cells makers which is expected to boost profits in the industry. J.P.Morgan, Morgan Stanley, Credit Suisse, KeyBanc Capital Markets and BofA Merrill Lynch are among lead underwriters to the IPO.

Fuel cell start-up Bloom Energy files for IPO: Reuters

Start-up Bloom Energy Corp, which makes fuel cell boxes that can power an entire building, filed for an initial public offering with the U.S. Securities and Exchange Commission late on Tuesday. The Sunnyvale, California-based company has applied to list its Class A common stock on the New York Stock Exchange under the symbol “BE.” (bit.ly/2l4LwzL) The regulatory filing showed the company intends to raise up to $100 million in the IPO, though the amount in the first filing is usually a placeholder. Bloom servers, also called Bloom boxes, can provide 250 kilowatts to up to tens of megawatts – enough to power a university, corporate campus or data center, among others. Bloom Energy’s full-year 2017 revenue rose 80 percent to $375.9 million, while the company’s net loss narrowed to $281.3 million from $336.3 million in 2016. The U.S. Congress in December extended tax
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Creditor starts legal proceedings for Abraaj restructuring: Reuters

A creditor of Dubai-based Abraaj has started legal proceedings in the Cayman Islands seeking the restructuring of the private equity firm’s liabilities. Auctus is the second creditor, after Kuwait’s Public Institution for Social Security (PIFSS), to start legal action in the Cayman Islands, where Abraaj Holdings is registered. In a statement to Reuters from its representatives, legal firm Kobre & Kim, Auctus Fund Ltd. said it has filed an application that seeks the appointment of “court-approved professionals in the Cayman Islands” to manage the restructuring process. Auctus said it holds a large credit position in Abraaj Holdings and its investment arm, Abraaj Investment Management Limited. The moves by the two creditors come amid Abraaj’s own plan to file for provisional liquidation in the Cayman Islands before a hearing on a petition to wind up a company. This followed the Kuwaiti fund’s refusal this month to agree to a proposed debt
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Blackstone in agreement to acquire Australia’s Investa Office Fund for $2.3 billion: Reuters

(Reuters) – Australia’s Investa Office Fund (IOF) (IOF.AX) and Blackstone Group (BX.N) on Wednesday entered into a scheme implementation agreement through which the U.S. private equity giant would acquire real estate investment trust for A$3.08 billion ($2.3 billion). The directors of IOF manager Investa Listed Funds Management said they unanimously recommend the offer, which equates to a distribution adjusted price of A$5.15 per unit. Blackstone had made an unsolicited and non-binding offer last month, two years after IOF shareholders rejected a A$2.5 billion bid from Australian firm DEXUS (DXS.AX). Shares of the Australian firm had surged more than 10 percent after the offer announcement. Blackstone’s move is a bet on the future of commercial property across Australia’s east coast, where analysts expect strong demand to support yields even if interest rates rise from their current historic lows. In May, Blackstone struck a
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Vintage Capital raises Rent-A-Center offer to $14 per share: Reuters

Buyout firm Vintage Capital Management on Tuesday sweetened its offer for Rent-A-Center Inc (RCII.O) to $14 per share in cash, a day after the retailer ended its sale process saying it had not received a satisfactory takeover offer. The retailer’s shares were up 10 percent at $12 in morning trading, well below the latest offer. Rent-A-Center earlier said it received an increased offer from a suitor, shortly after it ended a strategic review and said it was no longer up for sale. The company had been under pressure from activist investors Engaged Capital and Marcato Capital to sell itself since last year. Rent-A-Center’s board had put the company up for sale last year and again early this year, but rejected buyout offers in July saying it would continue to focus on its strategic plan. Florida-based Vintage Capital had offered the rent-to-own retailer $15 per share in July last year.
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KKR and Blackstone pursue stake in Swiss sports data group, say sources: Reuters

KKR (KKR.N) and Blackstone (BX.N) have been picked for a second round of bidding for Sportradar, as investor EQT looks to sell a minority stake that could value the Swiss sports data group at more than 2 billion euros ($2.4 billion), sources said. The sources familiar with the matter said the second-round of bidding was due in early July, and it was unclear whether other bidders, such as rival private equity firm Permira, were also still in the running. Evercore is advising EQT on the sale. The named parties either declined to comment or were not immediately available for comment. Sportradar supplies data on live sports events and counts sports media and betting companies among its clients. In 2018 it is expected to post earnings before interest, tax, depreciation and amortization of more than 150 million euros, before costs for sports rights. Including debt, the company may
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Home24 expected to price IPO at 23 euros per share, says bookrunner: Reuters

German online furniture retailer Home24 is expected to price its initial public offering (IPO) at 23 euros a share, giving it a market value of 625 million euros ($737 million) including an overallotment option, following its stock market flotation. “Orders below eur 23 euros per share risk missing out,” the bookrunner said in a note to investors on Tuesday.
Investors have until June 13 to submit purchase orders and the shares are to start trading on the Frankfurt stock exchange on June 15. Launched in 2009 in Berlin, loss-making Home24 delivers furniture in seven European markets, plus Brazil.
Home24 needs to raise gross proceeds of 150 million euros and the company has set a 19.50 to 24.50 euros a share price range. It has said it plans to use the proceeds of its listing to invest in property, equipment and technology and to repay outstanding debt. Ecommerce investor
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Mercari chases growth overseas with $1.2 billion IPO, Japan’s biggest this year: Reuters

Japanese flea market app operator Mercari Inc’s IPO is raising up to $1.2 billion in the nation’s biggest such share sale so far this year, as the firm seeks to replicate its domestic success overseas, especially in the money-losing U.S. market. Mercari said in a regulatory filing on Monday its initial public offering was priced at 3,000 yen ($27.29) per share, at the top of an indicative range of 2,700-3,000 yen, valuing Japan’s first and one of only two unicorns at $3.7 billion. The firm, which offers a popular smartphone app that allows people to trade used items online, will list on the Tokyo Stock Exchange’s Mothers market on June 19. Both domestic retail investors and overseas funds were enthusiastic about the loss-making startup’s IPO, sources said.
“Demand was exceptionally strong, with many new accounts opened and new money flowing in,” said Hitoshi Toyoshima, general
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